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2013 and earlier Lexus RX 350 / RX 450h Lease Questions

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Comments

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi mdntcallr. Both of the selling prices that you were quoted for these trucks look good to me. Plus the money factor that you were quoted is right in line with Lexus Financial Services' best buy rate for these models. I personally don't see any reason not to go with one of these deals.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi smiley6. At first glance, the selling price that you were quoted for the EX 350 that you are interested in looks a little high to me. Having said this, it's difficult for me to give you my opinion on this deal without knowing what this truck's full MSRP is. This number will show me how much of a discount you are being given. If you let me know what it is, I can give you a more detailed response to your question.

    Also, the money factor that is being used to calculate your truck's monthly payment is too high. Lexus Financial Services' current buy rate lease money factor for a 36 month lease of a 2008 RX 350 is only .00195 for consumers who qualify for its "Tier 1+" credit tier. Make sure that is the factor that the dealer you are working with uses to calculate your truck's payment.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ycr1. Lexus Financial Services' current buy rate lease money factor for the 2008 Lexus RX 350 is .00915 for up to 48 months for consumers who qualify for its "Tier 1+" credit tier.

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  • cpa3cpa3 Posts: 88
    Car_man ....is that .00915 or .000915....I think you forgot a zero...otherwise its 21% effective rate...
  • briegelbriegel Posts: 139
    I think he may have meant .00195.
  • lexuslisalexuslisa Posts: 5
    I've been trying to work a deal in Columbus, Ohio

    2008 AWD Lexus RX-350
    Premium Plus
    No Nav
    MSRP 41,746
    Invoice 37, 511

    I offered 38,511. They countered with 39,011 with a money factor of .00175 and a residual of 20,038. Sounds great.....but then they said they have a $600 bank fee to Lexus Financial for the lease. That pretty much takes away the negotiated discount.

    Is that a legitimate fee??

    I am frustrated because every time I make an offer, they come back agreeing to part of it, then add the money somewhere else. Has anyone else had to haggle for a week plus with these Lexus dealers? I'm getting tired of this but don't want to pay more than I should. Can anyone give me advice???? The sales guy said that Lexus just doesn't sell cars less than $1500 above invoice.
  • cpa3cpa3 Posts: 88
    Lisa in Dec I purchased mine for $37,000 (Calif) except it was an 07 which was below dealer costs. They get rebates which can bring their costs even lower then invoice. The bank fee to Lexus Financial is standard. You will find if looking through these posts that everyone has them. In my search I never found anyone who was willing to waive them. I would stick with your offer and see if they change their mind or call some other dealers. Dont go to the dealer do it all over the phone..Its easier to get what you want over the phone.
  • Lisa,

    I am also in columbus, have been shopping around since about january and its been pretty challenging finding a good deal in columbus. I just signed on a 2008 (AWD and NAV) for $41200 from Woodfield lexus in chicago which also included the $600 fee. I am pretty sure this is standard. I also agree with CPA3. I too did everything over the phone and the internet. Made the whole ordeal much easier till i was commited and ready to sign.

    Good luck! You're going to love your ride. Lexus takes care of you. Im pretty sure im lexus for life now!

    -=zg
  • carlovernjcarlovernj Posts: 71
    Thank you all for such great advice and information. I'm hoping that someone knows how to calculate a monthly lease amount for me. I was interested in leasing the following vehicle for 36 months:

    2008 RX 350 AWD with the Premium Plus Package - Luxury Value Edition with additional options. The base price of the car is $38,800 + Options $6,191 + Delivery and Handling $715 = MSRP $45,706. The dealer cost is approx 39,838 and I would hope to pay $41,000.

    I would be in the top credit category (tier 1), I believe is .00195, My out of pocket will be $3,000 at time of lease, NJ sales tax of 7%, assume a residual of 56%. I wanted to know the monthly lease amount with tax.

    If there is another piece of information which is needed, please let me know. Thank you so much for your help.
  • radman3radman3 Posts: 1
    Does anyone know what the credit score and agency is for tier 1 credit? Thanks!
  • dpeck1dpeck1 Posts: 51
    Looking to lease a new 2008 RX350 with nav, DVD, etc. in New Jersey. Anyone know what a reasonable discount is? What is the residual value and mney factor for June? Thanks.

    What are most people paying 36 month, 10K per year.
  • dpeck1dpeck1 Posts: 51
    Looking to lease a new 2008 AWD RX350 with nav, DVD, etc. in New Jersey. Anyone know what a reasonable discount is? What is the residual value and mney factor for June? Thanks.

    What are most people paying 36 month, 10K per year.
  • shatzishatzi Posts: 15
    Residual for a 2008 RX 350 is 58% on a 12K lease and 56% on a 15K lease. Don't know what 10K is. Money factor is .00195.
  • shatzishatzi Posts: 15
    You have to have 730+ score to get Tier 1 financing. Not sure which credit company they use...most use experian or equifax.
  • shatzishatzi Posts: 15
    Here is a formula you can follow to determine your lease payments. Net cap cost is the cost you agree to buy the car for (not the MSRP)- the actual cost you negotiate for:

    I am assuming you are doing 15K miles since the residual is 56%. 12K is 58%.

    Net Capital Cost:
    Taxes (Net Cap Cost - Residual + Rent Charge X 7%
    Acquisition Fee (Bank Fee)- I think it's $600 for Lexus
    Gross Capital Cost( Net Cap Cost + Taxes + Acquistion Fee):
    Capitalized Cost Reduction (includes rebates, down payment, incentives): in your case $3,000
    Adjusted Capital Cost(Gross Cap Cost - Cap Cost Reduction):
    Residual Value (56% of the base MSRP)
    Depreciation/Amortized Amounts (Adjusted Capitalized Cost - Residual):
    Rent Charge (Lease Charge) - Net Cap Cost + Residual X Term X Money Factor .00195:
    Total of Base Monthly Payments (Depreciation + Rent Charge):
    Lease Payments - # Months
    Monthly Payment:

    It's a little confusing but it will give you your monthly payment.
  • pumpkleopumpkleo Posts: 4
    In calculating the monthly lease payment, the dealer has been calculating the residual value based on the negotiated price rather than the MSRP. Shouldn't the residual value be calculated on the MSRP - example; 3 year lease, RX350 premium plus package, 58% residual, MSRP = 44,991, negotiated price - 41,000, residual value should be - 26,095
  • carlovernjcarlovernj Posts: 71
    Thank you for the lease formula, I was having trouble calculating the lease amount however. For a 36 month lease, what monthly amount do you think it should be with 12k miles/ yr.

    Again, the MSRP is $45,600, negotiated price $41,000, top tier credit .00195, taxes 7%, 36 mont lease, 12k miles/yr.

    Thanks so much, your help is greatly appreciated.
  • jbp2jbp2 Posts: 1
    I would appreciate comments on the following lease quote in the NYC area:
    RX 350 36 mo lease, 12k miles, w/prem+ and other options
    MSRP $43K
    selling price $39.2k
    resid $24.9k (58%)
    Money factor .00205
    no cap reduction
    taxes paid upfront
    Other fees: Docs ($199), Reg ($193), Acquisition ($600)
    Monthly lease fee $524

    Thanks for your thoughts.
  • Got this quote earlier today:
    2008 AWD with Prem Plus + Navigation

    MSRP=$45,706
    Selling Price=$41,745
    39 Mo Lease with 15 K per year
    Dealer aquisition fee=$600
    Document Fee=$263
    Tax & DMV upfront
    Total out of pocket at purchase=$3,763.40

    MOnthly Payment=$595.00

    Your thoughts????????? This is in Northern NJ.

    Thanks!!!!
  • eugenedeugened Posts: 7
    I was talking to a dealer in NJ today over the phone and got following quotes:
    Premium Plus Package
    48 month lease
    residual 48%
    12K
    0,00195
    No money down, only fees and taxes
    He did not want to tell me selling price, but said
    it is a little over invoice and he left some space for negotiation.
    How good is the deal sound considering it is for 48 months?
  • carlovernjcarlovernj Posts: 71
    That sounds a bit high to me, I would expect your payments to be in the low 5's, not close to $600.
  • pumpkleopumpkleo Posts: 4
    I would appreciate comments on the following lease quote in the NYC area:
    RX 350 36 mo lease, 12k miles, w/prem+, navigation and other options
    MSRP $45.7K
    selling price $41.4k
    monthly payment (without tax) - $546
    resid $26.5k (58%)
    Money factor .00195
    no cap reduction
    taxes paid upfront
    Other fees: Reg ($168), Acquisition ($650)

    Thanks!
  • eugenedeugened Posts: 7
    Is this for AWD ?
  • Any idea what the numbers are looking like for the month of July...money factor, residual :confuse:
  • gwarrenflgwarrenfl Posts: 72
    Car Man,
    I'm back again, and this is now I believe over 10 years since I have started using this site and your assistance. So anyway I am again in the market to Lease an 08 Lexus RX 350. I know that the deals are generally not as good now as they will be when Lexus announces their "GOLDEN OPPORTUNITY SALES EVENT," typically at the end of July.

    So I will be looking for when you have some information available

    Gary W
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're absolutely right, briegel. In my dyslexic, pre-coffee state I flipped the 9 and the 1. A money factor of .00915 would be the highest factor that I have ever seen. That's even worse than those interest rates that we had back in the late 70s :surprise: .

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dpeck1. The last time that I checked, consumers needed a credit score of 730 or higher to qualify for Lexus Financial Services' Tier 1+ credit tier.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dpeck1. You should be able to get an idea of how much you will have to pay for an EX 350 right now by visiting the following discussion: "Lexus RX 350: Prices Paid & Buying Experience". In an area that has a high level of competition like the one that you are in, shoot for as close a price to dealer invoice as possible. You may be able to get this truck for $500 to $1,000 over.

    Lexus just enhanced its lease program last week. Its new buy rate lease money factor and residual value for a 36 month lease of a 2008 RX 350 AWD with navigation, DVD, and 12,000 miles per year are .00165 and 55%, respectively. I'm not sure if LFS offers leases with fewer than 12,000 miles per year.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi pumpkleo. Are you sure that the dealer that you are working with is calculating your lease payment using a percentage of its selling price as the residual value? If they did, that is wrong. Vehicles' residual values are based upon a percentage of their full MSRPs. You can see exactly how lease payments are calculated by reading the following article: Calculate Your Own Lease Payment.

    Car_man
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